Crypto News (03.07.25): U.S. Bitcoin Reserve, Altcoins and More
Updated: Mar 8
President Trump Establishes Strategic Bitcoin Reserve
In a landmark move, President Donald Trump has signed an executive order to create a strategic bitcoin reserve, aiming to bolster the United States' position in the rapidly evolving digital asset landscape. This initiative seeks to legitimize the cryptocurrency sector, attract industry activity to the U.S., and diversify government financial assets. The reserve will initially be funded by bitcoin seized in criminal or civil proceedings, with potential additional acquisitions that do not impose costs on taxpayers. This approach underscores the administration's commitment to integrating digital assets into the national financial strategy.
The executive order also establishes a digital asset stockpile comprising other cryptocurrencies such as ether, XRP, Solana, and Cardano. This move positions the U.S. among the few nations to hold a crypto reserve, reflecting a significant shift in governmental financial strategies. However, the announcement led to a temporary dip in cryptocurrency markets, with bitcoin prices experiencing a brief decline before stabilizing.
Treasury Department to Develop Strategies for Crypto Acquisitions
U.S. Treasury Secretary Scott Bessent announced plans to establish a strategic reserve that includes various cryptocurrencies, starting with Bitcoin. The initial assets will consist of cryptocurrencies seized in criminal and civil proceedings, with strategies for further acquisitions to be developed subsequently. This initiative aligns with the administration's goal to integrate digital assets into the national financial system responsibly.
Global Implications of the U.S. Strategic Crypto Reserve
The U.S. government's move to establish a Strategic Bitcoin Reserve has significant implications for global financial markets. By formally recognizing Bitcoin as a reserve asset, the United States sets a precedent that may influence other nations to consider similar strategies. This development underscores the growing importance of cryptocurrencies in the global financial landscape and highlights the need for international collaboration on regulatory frameworks.
International Operation Disrupts Garantex Cryptocurrency Exchange
In a coordinated international effort, the Garantex cryptocurrency exchange has been disrupted due to its involvement in facilitating various crimes, including hacking, ransomware, terrorism, and drug trafficking. The exchange allegedly processed hundreds of millions in criminal proceeds, highlighting the critical need for stringent regulatory measures in the cryptocurrency industry. According to the indictment, key figures within Garantex were aware of the illicit activities and took steps to conceal them, underscoring the challenges regulators face in combating financial crimes in the digital asset space.
FBI Accuses North Korean Hackers of $1.5 Billion Cryptocurrency Theft
The Federal Bureau of Investigation has accused North Korean-backed hackers, known as the Lazarus Group or TraderTraitor, of executing the largest cryptocurrency heist in history. The group allegedly stole over $1.5 billion in Ethereum from the Dubai-based Bybit exchange. The stolen assets have been partially converted to Bitcoin and other virtual currencies, with laundering operations spanning multiple blockchains. This incident is part of a series of cyberattacks by North Korea, reportedly aimed at funding its nuclear and missile programs, highlighting the intersection of cybersecurity threats and global geopolitical tensions.
Brother of Olympic Breakdancer Charged in $100K Cryptocurrency Fraud
Brendan Gunn, brother of renowned Olympic breakdancer Rachael "Raygun" Gunn, has been charged with handling over $100,000 in alleged criminal proceeds related to cryptocurrency transactions. As the director of Mormarkets Pty Ltd, a company that facilitates cryptocurrency conversions, Gunn is accused of managing funds obtained through fraudulent investments. Despite repeated closures of his bank accounts due to fraud suspicions, Gunn allegedly attempted to open new accounts to continue operations. If convicted, he faces up to three years in prison and a substantial fine, underscoring the legal risks associated with illicit activities in the cryptocurrency sector.